-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Tables IV A15_Corporate trust culture.log
  log type:  text
 opened on:  18 Feb 2026, 23:44:55

. 
. //PREPARE DATA
. use "Employee review trust sentiment sample.dta", clear

. * construct time period variables
. cap drop timesinceCEO* timeperiod

. gen timesinceCEO = min(year - termstartyr, 9)

. gen timesinceCEO2 = timesinceCEO^2

. gen timesinceCEO3 = timesinceCEO^3

. gen timeperiod = 1 if inrange(timesinceCEO, 0, 2)
(466,700 missing values generated)

. replace timeperiod = 2 if inrange(timesinceCEO, 3, 4)
(111,975 real changes made)

. replace timeperiod = 3 if inrange(timesinceCEO, 5, 6)
(91,893 real changes made)

. replace timeperiod = 4 if inrange(timesinceCEO, 7, 8)
(81,933 real changes made)

. replace timeperiod = 5 if timesinceCEO >= 9
(180,899 real changes made)

. * compute corporate trust culture measures
. cap drop trustsentiment

. gen trustsentiment = (trustsentiment_pos == 1) - (trustsentiment_neg == 1)

. cap drop trust_mtoe trust_etom

. gen trustsentiment_mtoe = ///
>         (trustsentiment_pos == 1) * (trustdirection_mtoe == 1) ///
>         - (trustsentiment_neg == 1) * (trustdirection_mtoe == 1)

. gen trustsentiment_etom = ///
>         (trustsentiment_pos == 1) * (trustdirection_etom == 1) ///
>         - (trustsentiment_neg == 1) * (trustdirection_etom == 1) 

. foreach var in trustsentiment trustsentiment_mtoe trustsentiment_etom {
  2.         replace `var' = . if trustsentiment_pos == .
  3. }
(84,323 real changes made, 84,323 to missing)
(84,323 real changes made, 84,323 to missing)
(84,323 real changes made, 84,323 to missing)

. gen trustsentiment_mtoe_pos = (trustsentiment_pos == 1) * (trustdirection_mtoe == 1)

. gen trustsentiment_mtoe_neg = (trustsentiment_neg == 1) * (trustdirection_mtoe == 1)

. gen trustsentiment_etom_pos = (trustsentiment_pos == 1) * (trustdirection_etom == 1)

. gen trustsentiment_etom_neg = (trustsentiment_neg == 1) * (trustdirection_etom == 1)

. gen trustsentiment_abs = trustsentiment_pos | trustsentiment_neg

. gen trustsentiment_mtoe_abs = trustsentiment_mtoe_pos | trustsentiment_mtoe_neg

. gen trustsentiment_etom_abs = trustsentiment_etom_pos | trustsentiment_etom_neg

. foreach var in trustsentiment trustsentiment_mtoe trustsentiment_etom {
  2.         replace `var' = `var' * 100
  3.         replace `var'_pos = `var'_pos * 100
  4.         replace `var'_neg = `var'_neg * 100
  5.         replace `var'_abs = `var'_abs * 100
  6. }
(5,389 real changes made)
(756 real changes made)
(4,645 real changes made)
(89,718 real changes made)
(2,534 real changes made)
(540 real changes made)
(2,004 real changes made)
(2,539 real changes made)
(1,229 real changes made)
(89 real changes made)
(1,148 real changes made)
(1,233 real changes made)

. * compute review counts
. foreach var in trustsentiment approveceo iscurrentjob reviewgap firmage ///
>         trust_sd gender age yrinco education !nonUS ///
>         highincome_sd getahead_sd risktakinggps_sd patiencegps_sd {
  2.         keep if `var' != .
  3. }
(84,323 observations deleted)
(141,117 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(55,318 observations deleted)
(0 observations deleted)
(172 observations deleted)
(0 observations deleted)
(7,735 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)
(0 observations deleted)

. *** all reviews
. cap drop *_all

. bysort boardid ceoid termstartyr: gen revcnt_all = _N

. bysort boardid ceoid termstartyr: egen revcnt_allcur = sum(iscurrentjob)

. gen w_all = 1/revcnt_all

. gen w_allcur = 1/revcnt_allcur
(324 missing values generated)

. *** R&D workers only
. replace jobtitle = upper(jobtitle)
(233,236 real changes made)

. cap drop RDworker *_rd

. gen RDworker = ///
>         strpos(jobtitle, "ENGINEER") ///
>         | strpos(jobtitle, "SCIEN") /// 
>         | strpos(jobtitle, "RESEARCH") ///
>         | strpos(jobtitle, "TECHNOLOGY DEVELOP") ///
>         | strpos(jobtitle, "R&D") ///
>         | strpos(jobtitle, "R& D") ///
>         | strpos(jobtitle, "R &D") ///
>         | strpos(jobtitle, "R & D") ///
>         | strpos(jobtitle, "RDD ") 

. bysort boardid ceoid termstartyr: egen revcnt_rd = sum(RDworker == 1)

. bysort boardid ceoid termstartyr: egen revcnt_rdcur = sum(RDworker == 1 & iscurrentjob)

. gen w_rd = 1/revcnt_rd
(22,057 missing values generated)

. gen w_rdcur = 1/revcnt_rdcur
(35,690 missing values generated)

. * set globals
. global review = "approveceo iscurrentjob reviewgap"

. global firm = "firmage firmage2"

. global ceo = "gender age age2 yrinco i.education nonUS"

. global culture = "highincome_sd getahead_sd risktakinggps_sd patiencegps_sd"

. global reviewsample = "revcnt_all > 49"

. global rdreviewsample = "RDworker & revcnt_rd > 24 & revcnt_all > 49"

. 
. 
. //PREPARE TABLE
. foreach table in "IV" "A15" {
  2.         if "`table'" == "IV" {
  3.                 global cluster = "mainethcode"
  4.         }
  5.         if "`table'" == "A15" {
  6.                 global cluster = "ceoid"
  7.         }
  8.         
.         eststo clear
  9.         eststo col1: /// both directions of trust with industry FEs
>                 reghdfe trustsentiment trust_sd ${review} ${firm} ${ceo} ${culture} ///
>                 if ${reviewsample} [aw = w_all], a(sic3 reviewyear) cluster(${cluster}) keepsin
 10.                         sum trustsentiment_pos [aw = w_all] if e(sample)
 11.                         estadd scalar mean_pos r(mean)
 12.                         sum trustsentiment_neg [aw = w_all] if e(sample)
 13.                         estadd scalar mean_neg r(mean)
 14.                         sum trustsentiment_abs [aw = w_all] if e(sample)
 15.                         estadd scalar mean_abs r(mean)
 16.                         estadd scalar ratio _b[trust_sd]/r(mean)
 17.                         estadd local direction      "Both"
 18.                         estadd local sample         "All"
 19.                         estadd local controls       "X"
 20.                         estadd local industryFE     "X"
 21.                         distinct boardid if e(sample)
 22.                         eststo col1, addscalars(nofirms r(ndistinct))
 23.         eststo col2: /// both directions of trust with firm FEs
>                 reghdfe trustsentiment trust_sd ${review} ${firm} ${ceo} ${culture} ///
>                 if ${reviewsample} [aw = w_all], a(boardid reviewyear) cluster(${cluster}) keepsin
 24.                         sum trustsentiment_pos [aw = w_all] if e(sample)
 25.                         estadd scalar mean_pos r(mean)
 26.                         sum trustsentiment_neg [aw = w_all] if e(sample)
 27.                         estadd scalar mean_neg r(mean)
 28.                         sum trustsentiment_abs [aw = w_all] if e(sample)
 29.                         estadd scalar mean_abs r(mean)
 30.                         estadd scalar ratio _b[trust_sd]/r(mean)
 31.                         estadd local direction      "Both"
 32.                         estadd local sample         "All"
 33.                         estadd local controls       "X"
 34.                         estadd local baselineFE     "X"
 35.                         distinct boardid if e(sample)
 36.                         eststo col2, addscalars(nofirms r(ndistinct))
 37.         eststo col3: /// top down trust
>                 reghdfe trustsentiment_mtoe trust_sd ${review} ${firm} ${ceo} ${culture} ///
>                 if ${reviewsample} [aw = w_all], a(boardid reviewyear) cluster(${cluster}) keepsin
 38.                         sum trustsentiment_mtoe_pos [aw = w_all] if e(sample)
 39.                         estadd scalar mean_pos r(mean)
 40.                         sum trustsentiment_mtoe_neg [aw = w_all] if e(sample)
 41.                         estadd scalar mean_neg r(mean)
 42.                         sum trustsentiment_mtoe_abs [aw = w_all] if e(sample)
 43.                         estadd scalar mean_abs r(mean)
 44.                         estadd scalar ratio _b[trust_sd]/r(mean)
 45.                         estadd local direction      "Top down"
 46.                         estadd local sample         "All"
 47.                         estadd local controls       "X"
 48.                         estadd local baselineFE     "X"
 49.                         distinct boardid if e(sample)
 50.                         eststo col3, addscalars(nofirms r(ndistinct))
 51.         eststo col4: /// bottom up trust
>                 reghdfe trustsentiment_etom trust_sd ${review} ${firm} ${ceo} ${culture} ///
>                 if ${reviewsample} [aw = w_all], a(boardid reviewyear) cluster(${cluster}) keepsin
 52.                         sum trustsentiment_etom_pos [aw = w_all] if e(sample)
 53.                         estadd scalar mean_pos r(mean)
 54.                         sum trustsentiment_etom_neg [aw = w_all] if e(sample)
 55.                         estadd scalar mean_neg r(mean)
 56.                         sum trustsentiment_etom_abs [aw = w_all] if e(sample)
 57.                         estadd scalar mean_abs r(mean)
 58.                         estadd scalar ratio _b[trust_sd]/r(mean)
 59.                         estadd local direction      "Bottom up"
 60.                         estadd local sample         "All"
 61.                         estadd local controls       "X"
 62.                         estadd local baselineFE     "X"
 63.                         distinct boardid if e(sample)
 64.                         eststo col4, addscalars(nofirms r(ndistinct))
 65.         eststo col5: /// top down trust among R&D workers
>                 reghdfe trustsentiment_mtoe trust_sd ${review} ${firm} ${ceo} ${culture} ///
>                 if ${rdreviewsample} [aw = w_rd], a(boardid reviewyear) cluster(${cluster}) keepsin
 66.                         sum trustsentiment_mtoe_pos [aw = w_rd] if e(sample)
 67.                         estadd scalar mean_pos r(mean)
 68.                         sum trustsentiment_mtoe_neg [aw = w_rd]if e(sample)
 69.                         estadd scalar mean_neg r(mean)
 70.                         sum trustsentiment_mtoe_abs [aw = w_rd] if e(sample)
 71.                         estadd scalar mean_abs r(mean)
 72.                         estadd scalar ratio _b[trust_sd]/r(mean)
 73.                         estadd local direction      "Top down"
 74.                         estadd local sample         "R\&D workers"
 75.                         estadd local controls       "X"
 76.                         estadd local baselineFE     "X"
 77.                         distinct boardid if e(sample)
 78.                         eststo col5, addscalars(nofirms r(ndistinct))
 79.         eststo col6: /// top down trust by tenure as CEO
>                 reghdfe trustsentiment_mtoe c.trust_sd#i.timeperiod timesinceCEO* ${review} ${firm} ${ceo} ${culture} ///
>                 if ${reviewsample} [aw = w_all], a(boardid reviewyear) cluster(${cluster}) keepsin
 80.                         sum trustsentiment_mtoe_pos [aw = w_all] if e(sample)
 81.                         estadd scalar mean_pos r(mean)
 82.                         sum trustsentiment_mtoe_neg [aw = w_all] if e(sample)
 83.                         estadd scalar mean_neg r(mean)
 84.                         sum trustsentiment_mtoe_abs [aw = w_all] if e(sample)
 85.                         estadd scalar mean_abs r(mean)
 86.                         estadd local direction      "Top down"
 87.                         estadd local sample         "All"
 88.                         estadd local controls       "X"
 89.                         estadd local baselineFE     "X"
 90.                         distinct boardid if e(sample)
 91.                         eststo col6, addscalars(nofirms r(ndistinct))
 92.         eststo col7: /// top down trust among R&D workers by tenure as CEO
>                 reghdfe trustsentiment_mtoe c.trust_sd#i.timeperiod timesinceCEO* ${review} ${firm} ${ceo} ${culture} ///
>                 if ${rdreviewsample} [aw = w_rd], a(boardid reviewyear) cluster(${cluster}) keepsin
 93.                         sum trustsentiment_mtoe_pos [aw = w_rd] if e(sample)
 94.                         estadd scalar mean_pos r(mean)
 95.                         sum trustsentiment_mtoe_neg [aw = w_rd] if e(sample)
 96.                         estadd scalar mean_neg r(mean)
 97.                         sum trustsentiment_mtoe_abs [aw = w_rd] if e(sample)
 98.                         estadd scalar mean_abs r(mean)
 99.                         estadd local direction      "Top down"
100.                         estadd local sample         "R\&D workers"
101.                         estadd local controls       "X"
102.                         estadd local baselineFE     "X"
103.                         distinct boardid if e(sample)
104.                         eststo col7, addscalars(nofirms r(ndistinct))
105.         
.         global coeflist = "1.timeperiod#c.trust_sd 2.timeperiod#c.trust_sd 3.timeperiod#c.trust_sd 4.timeperiod#c.trust_sd 5.timeperiod#c.trust_sd"
106.         esttab /*using "Table `table'_Corporate trust culture.tex"*/, ///       
>                 cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>                 nomtitle collabels(none) label varwidth(40) modelwidth(12) ///
>                 mgroups("Employee review's trust sentiment", pattern(1 0 0 0 0 0 0 0) ///
>                         prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>                 keep(trust_sd ${coeflist}) order(trust_sd ${coeflist}) ///
>                 coeflab(trust_sd "CEO's trust" ///
>                                 1.timeperiod#c.trust_sd "Trust $\times$ 1(Tenure as CEO <= 2)" ///)
>                                 2.timeperiod#c.trust_sd "Trust $\times$ 1(Tenure as CEO in [3,4])" ///
>                                 3.timeperiod#c.trust_sd "Trust $\times$ 1(Tenure as CEO in [5,6])" ///
>                                 4.timeperiod#c.trust_sd "Trust $\times$ 1(Tenure as CEO in [7,9])" ///
>                                 5.timeperiod#c.trust_sd "Trust $\times$ 1(Tenure as CEO >= 9)") ///
>                 stats(mean_pos mean_neg ratio direction sample controls industryFE baselineFE N nofirms, ///
>                         fmt(%9.3fc %9.3fc %9.3fc %9.0fc %9.0fc) ///
>                         lab("Positive reviews" "Negative reviews" "Normalized effect size" "Trust direction" "Sample" ///
>                                 "Baseline controls" "Industry \& Review year FEs" "Firm \& Review year FEs" "Observations" "Firms"))
107. }
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  18,     26) =     221.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0036
                                                  Adj R-squared   =     0.0033
                                                  Within R-sq.    =     0.0018
Number of clusters (mainethcode) =         27     Root MSE        =    11.9522

                               (Std. err. adjusted for 27 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
  trustsentiment | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .2506183   .0950899     2.64   0.014     .0551582    .4460784
      approveceo |   .8238068   .0661517    12.45   0.000       .68783    .9597837
iscurrentjobflag |   .3354469   .0691779     4.85   0.000     .1932498     .477644
       reviewgap |   .2017579   .0233056     8.66   0.000     .1538526    .2496632
         firmage |  -.0007787   .0203176    -0.04   0.970    -.0425421    .0409846
        firmage2 |  -.0000628   .0002638    -0.24   0.814    -.0006051    .0004795
          gender |   .0537398   .1074418     0.50   0.621    -.1671099    .2745895
             age |  -.0858614   .0552504    -1.55   0.132    -.1994302    .0277075
            age2 |   .0007476   .0005244     1.43   0.166    -.0003304    .0018256
          yrinco |   .0029724   .0035202     0.84   0.406    -.0042635    .0102082
                 |
       education |
              2  |  -.2854095   .2080864    -1.37   0.182    -.7131371    .1423181
              3  |  -.1891848   .2491754    -0.76   0.455    -.7013721    .3230025
              4  |  -.0292712   .2972719    -0.10   0.922    -.6403223    .5817799
                 |
           nonUS |   .2871828   .1389174     2.07   0.049     .0016339    .5727317
   highincome_sd |   .3917583   .1133426     3.46   0.002     .1587794    .6247373
     getahead_sd |  -.0616113   .0876478    -0.70   0.488     -.241774    .1185513
risktakinggps_sd |  -.2530552   .1144762    -2.21   0.036    -.4883644    -.017746
  patiencegps_sd |   .0291685   .1088182     0.27   0.791    -.1945104    .2528475
           _cons |  -2.185417   1.899752    -1.15   0.260    -6.090412    1.719579
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        sic3 |        87           0          87     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_pos | 331,091  398.000001    .1937467   4.397407          0        100

added scalar:
           e(mean_pos) =  .19374667

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_neg | 331,091  398.000001    1.252647   11.12187          0        100

added scalar:
           e(mean_neg) =  1.2526471

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_abs | 331,091  398.000001    1.445447   11.93549          0        100

added scalar:
           e(mean_abs) =  1.4454473

added scalar:
              e(ratio) =  .1733846

added macro:
          e(direction) : "Both"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(industryFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  17,     26) =     127.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0071
                                                  Adj R-squared   =     0.0062
                                                  Within R-sq.    =     0.0014
Number of clusters (mainethcode) =         27     Root MSE        =    11.9349

                               (Std. err. adjusted for 27 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
  trustsentiment | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .3714876   .2768732     1.34   0.191    -.1976334    .9406087
      approveceo |   .7977853   .0629609    12.67   0.000     .6683674    .9272032
iscurrentjobflag |   .3264184   .0647829     5.04   0.000     .1932552    .4595817
       reviewgap |   .2469579   .0412783     5.98   0.000     .1621092    .3318066
         firmage |          0  (omitted)
        firmage2 |   .0006904   .0004315     1.60   0.122    -.0001965    .0015774
          gender |   .0759858   .1095665     0.69   0.494    -.1492314     .301203
             age |   -.101212   .0937937    -1.08   0.290    -.2940078    .0915837
            age2 |   .0009242   .0008728     1.06   0.299    -.0008699    .0027184
          yrinco |   .0078598   .0053707     1.46   0.155    -.0031799    .0188995
                 |
       education |
              2  |   .1229073   .1722362     0.71   0.482    -.2311293    .4769439
              3  |   .2365174   .1954072     1.21   0.237    -.1651479    .6381826
              4  |   .7729011   .2414898     3.20   0.004     .2765117    1.269291
                 |
           nonUS |   .1794481   .1770383     1.01   0.320    -.1844592    .5433555
   highincome_sd |   .2498536   .1574032     1.59   0.125    -.0736932    .5734004
     getahead_sd |  -.0694082   .1281203    -0.54   0.593    -.3327633     .193947
risktakinggps_sd |  -.1844501   .1168431    -1.58   0.127    -.4246246    .0557244
  patiencegps_sd |   .0016418   .2243451     0.01   0.994    -.4595062    .4627897
           _cons |  -3.401436   4.186901    -0.81   0.424    -12.00774    5.204863
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_pos | 331,091  398.000001    .1937467   4.397407          0        100

added scalar:
           e(mean_pos) =  .19374667

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_neg | 331,091  398.000001    1.252647   11.12187          0        100

added scalar:
           e(mean_neg) =  1.2526471

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_abs | 331,091  398.000001    1.445447   11.93549          0        100

added scalar:
           e(mean_abs) =  1.4454473

added scalar:
              e(ratio) =  .2570053

added macro:
          e(direction) : "Both"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  17,     26) =      72.75
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0038
                                                  Adj R-squared   =     0.0030
                                                  Within R-sq.    =     0.0005
Number of clusters (mainethcode) =         27     Root MSE        =     8.0122

                               (Std. err. adjusted for 27 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
trustsentiment~e | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .3427372   .1595902     2.15   0.041     .0146949    .6707795
      approveceo |    .251513   .0498113     5.05   0.000     .1491244    .3539016
iscurrentjobflag |   .0732315   .0669139     1.09   0.284    -.0643119    .2107749
       reviewgap |   .0706278   .0219524     3.22   0.003      .025504    .1157515
         firmage |          0  (omitted)
        firmage2 |   .0001955   .0002765     0.71   0.486     -.000373    .0007639
          gender |  -.1529438   .0993048    -1.54   0.136    -.3570677    .0511801
             age |  -.0462694    .053647    -0.86   0.396    -.1565425    .0640037
            age2 |   .0004159   .0004849     0.86   0.399    -.0005809    .0014126
          yrinco |    .003683     .00404     0.91   0.370    -.0046213    .0119874
                 |
       education |
              2  |   .0966902   .1776636     0.54   0.591    -.2685025    .4618828
              3  |   .0055747   .1821156     0.03   0.976    -.3687693    .3799186
              4  |   .5776689   .2572242     2.25   0.033      .048937    1.106401
                 |
           nonUS |   .0875328   .1452886     0.60   0.552    -.2111122    .3861778
   highincome_sd |  -.0909611   .0667439    -1.36   0.185    -.2281552    .0462329
     getahead_sd |   .0231381   .0776647     0.30   0.768    -.1365039    .1827801
risktakinggps_sd |   .0982046   .0668106     1.47   0.154    -.0391265    .2355357
  patiencegps_sd |  -.1920496   .1300042    -1.48   0.152    -.4592771    .0751779
           _cons |  -.7982814    2.17725    -0.37   0.717    -5.273682    3.677119
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos | 331,091  398.000001    .1334494    3.65064          0        100

added scalar:
           e(mean_pos) =  .13344938

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg | 331,091  398.000001    .5126909   7.141876          0        100

added scalar:
           e(mean_neg) =  .5126909

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs | 331,091  398.000001    .6457217   8.009707          0        100

added scalar:
           e(mean_abs) =  .6457217

added scalar:
              e(ratio) =  .53078161

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  17,     26) =      54.46
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0052
                                                  Adj R-squared   =     0.0043
                                                  Within R-sq.    =     0.0007
Number of clusters (mainethcode) =         27     Root MSE        =     6.0542

                               (Std. err. adjusted for 27 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
trustsentiment~m | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .0520628   .0804522     0.65   0.523    -.1133091    .2174347
      approveceo |   .2412624   .0336315     7.17   0.000      .172132    .3103929
iscurrentjobflag |   .1564292   .0578272     2.71   0.012     .0375637    .2752946
       reviewgap |   .0961505   .0304647     3.16   0.004     .0335295    .1587716
         firmage |          0  (omitted)
        firmage2 |   .0002637   .0002528     1.04   0.306     -.000256    .0007834
          gender |   .1898089   .1259894     1.51   0.144    -.0691659    .4487838
             age |  -.1042583   .0413324    -2.52   0.018    -.1892182   -.0192984
            age2 |   .0009142   .0003591     2.55   0.017     .0001761    .0016522
          yrinco |   .0008911   .0031288     0.28   0.778    -.0055404    .0073225
                 |
       education |
              2  |   .0398426   .1008679     0.39   0.696    -.1674943    .2471796
              3  |   .1133961     .08682     1.31   0.203    -.0650651    .2918573
              4  |   .1854442   .1445853     1.28   0.211    -.1117552    .4826436
                 |
           nonUS |   .3430789   .0894586     3.84   0.001     .1591942    .5269637
   highincome_sd |   .1204183   .0883264     1.36   0.184    -.0611392    .3019757
     getahead_sd |  -.0405026   .0643244    -0.63   0.534    -.1727232    .0917181
risktakinggps_sd |  -.1156859   .0704531    -1.64   0.113    -.2605044    .0291326
  patiencegps_sd |   .0586752   .0695986     0.84   0.407    -.0843869    .2017373
           _cons |   .8999155    1.29507     0.69   0.493     -1.76214    3.561971
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~m_pos | 331,091  398.000001    .0289482   1.701173          0        100

added scalar:
           e(mean_pos) =  .02894819

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~m_neg | 331,091  398.000001    .3418147     5.8365          0        100

added scalar:
           e(mean_neg) =  .34181467

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~m_abs | 331,091  398.000001    .3699388   6.071008          0        100

added scalar:
           e(mean_abs) =  .36993876

added scalar:
              e(ratio) =  .1407335

added macro:
          e(direction) : "Bottom up"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =     24,763
Absorbing 2 HDFE groups                           F(  17,     20) =      72.53
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0167
                                                  Adj R-squared   =     0.0108
                                                  Within R-sq.    =     0.0013
Number of clusters (mainethcode) =         21     Root MSE        =     9.1695

                               (Std. err. adjusted for 21 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
trustsentiment~e | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .7757582   .2588476     3.00   0.007     .2358117    1.315705
      approveceo |   .1857398   .3059938     0.61   0.551     -.452552    .8240317
iscurrentjobflag |   .1379408   .2929811     0.47   0.643     -.473207    .7490887
       reviewgap |    .202487   .1132439     1.79   0.089    -.0337357    .4387097
         firmage |          0  (omitted)
        firmage2 |   .0010901   .0007697     1.42   0.172    -.0005155    .0026957
          gender |  -.5153846   .2979976    -1.73   0.099    -1.136997    .1062275
             age |  -.1174957   .1873689    -0.63   0.538    -.5083403    .2733489
            age2 |   .0011259     .00165     0.68   0.503    -.0023159    .0045676
          yrinco |   -.030464   .0081839    -3.72   0.001    -.0475353   -.0133926
                 |
       education |
              2  |  -.5725745   .5666152    -1.01   0.324    -1.754513     .609364
              3  |  -.0751964   .6053628    -0.12   0.902    -1.337961    1.187568
              4  |   .8596959   .5716138     1.50   0.148    -.3326696    2.052061
                 |
           nonUS |   -.435488   .3863751    -1.13   0.273    -1.241452    .3704763
   highincome_sd |  -.6616186   .2220697    -2.98   0.007    -1.124848   -.1983892
     getahead_sd |  -.1797865   .2473596    -0.73   0.476    -.6957696    .3361965
risktakinggps_sd |   .5384662   .2679187     2.01   0.058    -.0204025    1.097335
  patiencegps_sd |  -.5317467    .240814    -2.21   0.039    -1.034076   -.0294176
           _cons |   3.624607   8.499818     0.43   0.674     -14.1057    21.35492
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       122           0         122     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos |  24,763  168.000001    .2156646   4.639053          0        100

added scalar:
           e(mean_pos) =  .21566459

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg |  24,763  168.000001    .6360647   7.950123          0        100

added scalar:
           e(mean_neg) =  .63606475

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs |  24,763  168.000001    .8517293   9.189717          0        100

added scalar:
           e(mean_abs) =  .85172934

added scalar:
              e(ratio) =  .91080364

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "R\&D workers"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      24763        122
(e(nofirms) = 122 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  24,     26) =   42303.63
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0039
                                                  Adj R-squared   =     0.0030
                                                  Within R-sq.    =     0.0006
Number of clusters (mainethcode) =         27     Root MSE        =     8.0120

                                    (Std. err. adjusted for 27 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
  trustsentiment_mtoe | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
timeperiod#c.trust_sd |
                   1  |   .3159203   .1358487     2.33   0.028     .0366792    .5951613
                   2  |   .3448869    .142081     2.43   0.022     .0528353    .6369385
                   3  |   .3956785    .145693     2.72   0.012     .0962022    .6951547
                   4  |   .4126751   .1908776     2.16   0.040     .0203206    .8050296
                   5  |   .2766498   .2276027     1.22   0.235    -.1911943    .7444939
                      |
         timesinceCEO |   .3440121   .1015741     3.39   0.002     .1352235    .5528007
        timesinceCEO2 |  -.1361921   .0303767    -4.48   0.000    -.1986324   -.0737519
        timesinceCEO3 |    .011321   .0026886     4.21   0.000     .0057945    .0168475
           approveceo |   .2506746   .0490298     5.11   0.000     .1498925    .3514567
     iscurrentjobflag |    .071159   .0661492     1.08   0.292    -.0648127    .2071306
            reviewgap |   .0691111   .0216897     3.19   0.004     .0245273    .1136949
              firmage |          0  (omitted)
             firmage2 |   .0001709   .0002534     0.67   0.506    -.0003499    .0006918
               gender |  -.1811865   .1036319    -1.75   0.092    -.3942048    .0318319
                  age |   -.046099   .0521014    -0.88   0.384     -.153195     .060997
                 age2 |   .0004463   .0004795     0.93   0.360    -.0005392    .0014319
               yrinco |   .0047067   .0038143     1.23   0.228    -.0031337    .0125471
                      |
            education |
                   2  |   .0902315   .1844567     0.49   0.629    -.2889248    .4693877
                   3  |   .0081383   .1903262     0.04   0.966    -.3830829    .3993595
                   4  |   .5914999   .2660277     2.22   0.035      .044672    1.138328
                      |
                nonUS |   .1023318   .1447074     0.71   0.486    -.1951186    .3997821
        highincome_sd |  -.1103754   .0692993    -1.59   0.123    -.2528222    .0320714
          getahead_sd |   .0354792   .0788441     0.45   0.656    -.1265872    .1975455
     risktakinggps_sd |   .1220239   .0695224     1.76   0.091    -.0208815    .2649293
       patiencegps_sd |  -.2089607   .1285545    -1.63   0.116    -.4732083    .0552868
                _cons |  -.8614622   2.045436    -0.42   0.677    -5.065917    3.342992
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos | 331,091  398.000001    .1334494    3.65064          0        100

added scalar:
           e(mean_pos) =  .13344938

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg | 331,091  398.000001    .5126909   7.141876          0        100

added scalar:
           e(mean_neg) =  .5126909

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs | 331,091  398.000001    .6457217   8.009707          0        100

added scalar:
           e(mean_abs) =  .6457217

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =     24,763
Absorbing 2 HDFE groups                           F(  24,     20) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.0174
                                                  Adj R-squared   =     0.0112
                                                  Within R-sq.    =     0.0020
Number of clusters (mainethcode) =         21     Root MSE        =     9.1676

                                    (Std. err. adjusted for 21 clusters in mainethcode)
---------------------------------------------------------------------------------------
                      |               Robust
  trustsentiment_mtoe | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
timeperiod#c.trust_sd |
                   1  |   .6907506   .2684683     2.57   0.018     .1307355    1.250766
                   2  |   .8692251   .2484416     3.50   0.002     .3509851    1.387465
                   3  |   1.145579   .2270416     5.05   0.000     .6719786     1.61918
                   4  |    1.30655   .3422802     3.82   0.001     .5925656    2.020533
                   5  |   1.285568   .5816949     2.21   0.039      .072174    2.498963
                      |
         timesinceCEO |   .0844365   .5465798     0.15   0.879    -1.055709    1.224582
        timesinceCEO2 |  -.1954957   .2028496    -0.96   0.347    -.6186327    .2276412
        timesinceCEO3 |   .0151437   .0192458     0.79   0.441    -.0250023    .0552898
           approveceo |   .1924315   .3106025     0.62   0.543    -.4554741     .840337
     iscurrentjobflag |   .1348041    .292244     0.46   0.650    -.4748061    .7444144
            reviewgap |   .1910058   .1150967     1.66   0.113    -.0490817    .4310934
              firmage |          0  (omitted)
             firmage2 |   .0009389   .0007621     1.23   0.232    -.0006508    .0025286
               gender |  -.6007895   .2815128    -2.13   0.045    -1.188015   -.0135641
                  age |  -.0326779   .2104762    -0.16   0.878    -.4717235    .4063678
                 age2 |   .0007422     .00188     0.39   0.697    -.0031794    .0046639
               yrinco |  -.0173443   .0088248    -1.97   0.063    -.0357524    .0010639
                      |
            education |
                   2  |  -.8522041   .5349265    -1.59   0.127    -1.968041     .263633
                   3  |   -.130885   .5932533    -0.22   0.828     -1.36839     1.10662
                   4  |    .788878   .5482389     1.44   0.166    -.3547283    1.932484
                      |
                nonUS |   -.332962   .3807178    -0.87   0.392    -1.127125    .4612015
        highincome_sd |  -.8133333   .2523799    -3.22   0.004    -1.339788   -.2868782
          getahead_sd |  -.3106966   .2670125    -1.16   0.258     -.867675    .2462818
     risktakinggps_sd |   .5452273   .2947875     1.85   0.079    -.0696887    1.160143
       patiencegps_sd |  -.5817963   .2496351    -2.33   0.030    -1.102526   -.0610666
                _cons |   3.458287   9.061577     0.38   0.707    -15.44383    22.36041
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       122           0         122     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos |  24,763  168.000001    .2156646   4.639053          0        100

added scalar:
           e(mean_pos) =  .21566459

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg |  24,763  168.000001    .6360647   7.950123          0        100

added scalar:
           e(mean_neg) =  .63606475

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs |  24,763  168.000001    .8517293   9.189717          0        100

added scalar:
           e(mean_abs) =  .85172934

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "R\&D workers"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      24763        122
(e(nofirms) = 122 added)

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                         \multicolumn{7}{c}{Employee review's trust sentiment}                                                          
                                                  (1)             (2)             (3)             (4)             (5)             (6)             (7)   
--------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's trust                                     0.251**         0.371           0.343**         0.052           0.776***                                
                                              (0.095)         (0.277)         (0.160)         (0.080)         (0.259)                                   
Trust $\times$ 1(Tenure as CEO <= 2)                                                                                            0.316**         0.691** 
                                                                                                                              (0.136)         (0.268)   
Trust $\times$ 1(Tenure as CEO in [3,4])                                                                                        0.345**         0.869***
                                                                                                                              (0.142)         (0.248)   
Trust $\times$ 1(Tenure as CEO in [5,6])                                                                                        0.396**         1.146***
                                                                                                                              (0.146)         (0.227)   
Trust $\times$ 1(Tenure as CEO in [7,9])                                                                                        0.413**         1.307***
                                                                                                                              (0.191)         (0.342)   
Trust $\times$ 1(Tenure as CEO >= 9)                                                                                            0.277           1.286** 
                                                                                                                              (0.228)         (0.582)   
--------------------------------------------------------------------------------------------------------------------------------------------------------
Positive reviews                                0.194           0.194           0.133           0.029           0.216           0.133           0.216   
Negative reviews                                1.253           1.253           0.513           0.342           0.636           0.513           0.636   
Normalized effect size                          0.173           0.257           0.531           0.141           0.911                                   
Trust direction                                  Both            Both        Top down       Bottom up        Top down        Top down        Top down   
Sample                                            All             All             All             All    R\&D workers             All    R\&D workers   
Baseline controls                                   X               X               X               X               X               X               X   
Industry \& Review year FEs                         X                                                                                                   
Firm \& Review year FEs                                             X               X               X               X               X               X   
Observations                                  331,091         331,091         331,091         331,091          24,763         331,091          24,763   
Firms                                             266             266             266             266             122             266             122   
--------------------------------------------------------------------------------------------------------------------------------------------------------
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 5 iterations)

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  18,    394) =       9.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0036
                                                  Adj R-squared   =     0.0033
                                                  Within R-sq.    =     0.0018
Number of clusters (ceoid)   =        395         Root MSE        =    11.9522

                                    (Std. err. adjusted for 395 clusters in ceoid)
----------------------------------------------------------------------------------
                 |               Robust
  trustsentiment | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .2506183   .1416632     1.77   0.078    -.0278919    .5291285
      approveceo |   .8238068   .0897383     9.18   0.000      .647381    1.000233
iscurrentjobflag |   .3354469   .1066052     3.15   0.002     .1258607    .5450331
       reviewgap |   .2017579   .0407454     4.95   0.000     .1216523    .2818634
         firmage |  -.0007787   .0152922    -0.05   0.959    -.0308432    .0292857
        firmage2 |  -.0000628   .0001961    -0.32   0.749    -.0004484    .0003228
          gender |   .0537398    .216648     0.25   0.804    -.3721909    .4796704
             age |  -.0858614   .0616275    -1.39   0.164    -.2070213    .0352985
            age2 |   .0007476   .0005531     1.35   0.177    -.0003398    .0018351
          yrinco |   .0029724   .0047578     0.62   0.533    -.0063814    .0123261
                 |
       education |
              2  |  -.2854095   .2201557    -1.30   0.196    -.7182363    .1474172
              3  |  -.1891848   .2268123    -0.83   0.405    -.6350985    .2567289
              4  |  -.0292712   .2530286    -0.12   0.908    -.5267262    .4681838
                 |
           nonUS |   .2871828   .1777268     1.62   0.107    -.0622287    .6365943
   highincome_sd |   .3917583    .135104     2.90   0.004     .1261434    .6573733
     getahead_sd |  -.0616113   .0942111    -0.65   0.514    -.2468306    .1236079
risktakinggps_sd |  -.2530552   .1208011    -2.09   0.037    -.4905506   -.0155598
  patiencegps_sd |   .0291685    .116604     0.25   0.803    -.2000752    .2584123
           _cons |  -2.185417   2.132854    -1.02   0.306    -6.378615    2.007781
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        sic3 |        87           0          87     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_pos | 331,091  398.000001    .1937467   4.397407          0        100

added scalar:
           e(mean_pos) =  .19374667

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_neg | 331,091  398.000001    1.252647   11.12187          0        100

added scalar:
           e(mean_neg) =  1.2526471

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_abs | 331,091  398.000001    1.445447   11.93549          0        100

added scalar:
           e(mean_abs) =  1.4454473

added scalar:
              e(ratio) =  .1733846

added macro:
          e(direction) : "Both"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(industryFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  17,    394) =       8.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0071
                                                  Adj R-squared   =     0.0062
                                                  Within R-sq.    =     0.0014
Number of clusters (ceoid)   =        395         Root MSE        =    11.9349

                                    (Std. err. adjusted for 395 clusters in ceoid)
----------------------------------------------------------------------------------
                 |               Robust
  trustsentiment | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .3714876   .1676131     2.22   0.027     .0419597    .7010156
      approveceo |   .7977853   .0923669     8.64   0.000     .6161917    .9793789
iscurrentjobflag |   .3264184    .104417     3.13   0.002     .1211343    .5317026
       reviewgap |   .2469579   .0534459     4.62   0.000     .1418831    .3520326
         firmage |          0  (omitted)
        firmage2 |   .0006904   .0004508     1.53   0.126    -.0001958    .0015767
          gender |   .0759858   .1831649     0.41   0.678    -.2841171    .4360886
             age |   -.101212   .0819611    -1.23   0.218    -.2623479    .0599238
            age2 |   .0009242   .0007181     1.29   0.199    -.0004875     .002336
          yrinco |   .0078598   .0054231     1.45   0.148     -.002802    .0185217
                 |
       education |
              2  |   .1229073   .2178792     0.56   0.573    -.3054439    .5512585
              3  |   .2365174   .2348607     1.01   0.315    -.2252194    .6982542
              4  |   .7729011   .2796445     2.76   0.006     .2231191    1.322683
                 |
           nonUS |   .1794481    .196271     0.91   0.361    -.2064213    .5653176
   highincome_sd |   .2498536   .1593815     1.57   0.118    -.0634909    .5631981
     getahead_sd |  -.0694082   .1099122    -0.63   0.528     -.285496    .1466796
risktakinggps_sd |  -.1844501   .1241257    -1.49   0.138    -.4284816    .0595814
  patiencegps_sd |   .0016418   .1269133     0.01   0.990    -.2478702    .2511537
           _cons |  -3.401436   2.962068    -1.15   0.252    -9.224871    2.421999
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_pos | 331,091  398.000001    .1937467   4.397407          0        100

added scalar:
           e(mean_pos) =  .19374667

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_neg | 331,091  398.000001    1.252647   11.12187          0        100

added scalar:
           e(mean_neg) =  1.2526471

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~t_abs | 331,091  398.000001    1.445447   11.93549          0        100

added scalar:
           e(mean_abs) =  1.4454473

added scalar:
              e(ratio) =  .2570053

added macro:
          e(direction) : "Both"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  17,    394) =       5.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0038
                                                  Adj R-squared   =     0.0030
                                                  Within R-sq.    =     0.0005
Number of clusters (ceoid)   =        395         Root MSE        =     8.0122

                                    (Std. err. adjusted for 395 clusters in ceoid)
----------------------------------------------------------------------------------
                 |               Robust
trustsentiment~e | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .3427372   .1174323     2.92   0.004     .1118649    .5736095
      approveceo |    .251513   .0588421     4.27   0.000     .1358293    .3671967
iscurrentjobflag |   .0732315   .0690767     1.06   0.290    -.0625736    .2090366
       reviewgap |   .0706278   .0353905     2.00   0.047       .00105    .1402055
         firmage |          0  (omitted)
        firmage2 |   .0001955   .0002817     0.69   0.488    -.0003584    .0007493
          gender |  -.1529438   .1180694    -1.30   0.196    -.3850686     .079181
             age |  -.0462694   .0526912    -0.88   0.380    -.1498604    .0573216
            age2 |   .0004159    .000458     0.91   0.364    -.0004845    .0013163
          yrinco |    .003683   .0037796     0.97   0.330    -.0037476    .0111137
                 |
       education |
              2  |   .0966902   .1484277     0.65   0.515    -.1951191    .3884994
              3  |   .0055747   .1655153     0.03   0.973    -.3198291    .3309784
              4  |   .5776689   .1824426     3.17   0.002     .2189861    .9363516
                 |
           nonUS |   .0875328   .1339134     0.65   0.514    -.1757413     .350807
   highincome_sd |  -.0909611   .0738076    -1.23   0.219    -.2360671    .0541449
     getahead_sd |   .0231381   .0613096     0.38   0.706    -.0973968     .143673
risktakinggps_sd |   .0982046   .0777785     1.26   0.207    -.0547081    .2511174
  patiencegps_sd |  -.1920496   .0844176    -2.27   0.023     -.358015   -.0260843
           _cons |  -.7982814   1.943462    -0.41   0.681    -4.619134    3.022571
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos | 331,091  398.000001    .1334494    3.65064          0        100

added scalar:
           e(mean_pos) =  .13344938

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg | 331,091  398.000001    .5126909   7.141876          0        100

added scalar:
           e(mean_neg) =  .5126909

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs | 331,091  398.000001    .6457217   8.009707          0        100

added scalar:
           e(mean_abs) =  .6457217

added scalar:
              e(ratio) =  .53078161

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  17,    394) =       5.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0052
                                                  Adj R-squared   =     0.0043
                                                  Within R-sq.    =     0.0007
Number of clusters (ceoid)   =        395         Root MSE        =     6.0542

                                    (Std. err. adjusted for 395 clusters in ceoid)
----------------------------------------------------------------------------------
                 |               Robust
trustsentiment~m | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .0520628   .0890418     0.58   0.559    -.1229936    .2271192
      approveceo |   .2412624   .0422377     5.71   0.000     .1582231    .3243018
iscurrentjobflag |   .1564292    .054454     2.87   0.004     .0493725    .2634859
       reviewgap |   .0961505   .0248846     3.86   0.000     .0472274    .1450737
         firmage |          0  (omitted)
        firmage2 |   .0002637   .0002252     1.17   0.242    -.0001791    .0007065
          gender |   .1898089   .1337878     1.42   0.157    -.0732182    .4528361
             age |  -.1042583   .0401885    -2.59   0.010     -.183269   -.0252476
            age2 |   .0009142   .0003419     2.67   0.008      .000242    .0015863
          yrinco |   .0008911   .0028409     0.31   0.754    -.0046941    .0064762
                 |
       education |
              2  |   .0398426   .0780415     0.51   0.610    -.1135871    .1932724
              3  |   .1133961   .0929837     1.22   0.223    -.0694102    .2962024
              4  |   .1854442   .1328551     1.40   0.164    -.0757494    .4466377
                 |
           nonUS |   .3430789   .1059639     3.24   0.001     .1347535    .5514044
   highincome_sd |   .1204183   .0993231     1.21   0.226    -.0748512    .3156878
     getahead_sd |  -.0405026   .0619886    -0.65   0.514    -.1623724    .0813673
risktakinggps_sd |  -.1156859   .0722293    -1.60   0.110     -.257689    .0263172
  patiencegps_sd |   .0586752   .0723177     0.81   0.418    -.0835016     .200852
           _cons |   .8999155   1.497262     0.60   0.548    -2.043706    3.843537
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~m_pos | 331,091  398.000001    .0289482   1.701173          0        100

added scalar:
           e(mean_pos) =  .02894819

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~m_neg | 331,091  398.000001    .3418147     5.8365          0        100

added scalar:
           e(mean_neg) =  .34181467

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~m_abs | 331,091  398.000001    .3699388   6.071008          0        100

added scalar:
           e(mean_abs) =  .36993876

added scalar:
              e(ratio) =  .1407335

added macro:
          e(direction) : "Bottom up"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =     24,763
Absorbing 2 HDFE groups                           F(  17,    165) =       2.14
Statistics robust to heteroskedasticity           Prob > F        =     0.0077
                                                  R-squared       =     0.0167
                                                  Adj R-squared   =     0.0108
                                                  Within R-sq.    =     0.0013
Number of clusters (ceoid)   =        166         Root MSE        =     9.1695

                                    (Std. err. adjusted for 166 clusters in ceoid)
----------------------------------------------------------------------------------
                 |               Robust
trustsentiment~e | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .7757582    .344386     2.25   0.026     .0957868     1.45573
      approveceo |   .1857398   .2055905     0.90   0.368    -.2201875    .5916672
iscurrentjobflag |   .1379408   .2845813     0.48   0.629    -.4239494    .6998311
       reviewgap |    .202487   .1502644     1.35   0.180    -.0942018    .4991759
         firmage |          0  (omitted)
        firmage2 |   .0010901   .0011128     0.98   0.329     -.001107    .0032872
          gender |  -.5153846   .2684572    -1.92   0.057    -1.045439    .0146695
             age |  -.1174957   .2360332    -0.50   0.619    -.5835304     .348539
            age2 |   .0011259   .0020828     0.54   0.590    -.0029866    .0052383
          yrinco |   -.030464   .0145385    -2.10   0.038    -.0591694   -.0017585
                 |
       education |
              2  |  -.5725745    .602872    -0.95   0.344    -1.762912    .6177634
              3  |  -.0751964   .6385631    -0.12   0.906    -1.336005    1.185612
              4  |   .8596959   .6595074     1.30   0.194    -.4424657    2.161857
                 |
           nonUS |   -.435488   .5143149    -0.85   0.398    -1.450975    .5799988
   highincome_sd |  -.6616186   .2750008    -2.41   0.017    -1.204593   -.1186444
     getahead_sd |  -.1797865   .2646704    -0.68   0.498    -.7023639    .3427909
risktakinggps_sd |   .5384662   .2911839     1.85   0.066    -.0364605    1.113393
  patiencegps_sd |  -.5317467   .2349246    -2.26   0.025    -.9955926   -.0679008
           _cons |   3.624607   8.999621     0.40   0.688    -14.14466    21.39387
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       122           0         122     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos |  24,763  168.000001    .2156646   4.639053          0        100

added scalar:
           e(mean_pos) =  .21566459

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg |  24,763  168.000001    .6360647   7.950123          0        100

added scalar:
           e(mean_neg) =  .63606475

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs |  24,763  168.000001    .8517293   9.189717          0        100

added scalar:
           e(mean_abs) =  .85172934

added scalar:
              e(ratio) =  .91080364

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "R\&D workers"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      24763        122
(e(nofirms) = 122 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =    331,091
Absorbing 2 HDFE groups                           F(  24,    394) =       4.45
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0039
                                                  Adj R-squared   =     0.0030
                                                  Within R-sq.    =     0.0006
Number of clusters (ceoid)   =        395         Root MSE        =     8.0120

                                         (Std. err. adjusted for 395 clusters in ceoid)
---------------------------------------------------------------------------------------
                      |               Robust
  trustsentiment_mtoe | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
timeperiod#c.trust_sd |
                   1  |   .3159203   .1140038     2.77   0.006     .0917884    .5400521
                   2  |   .3448869   .1166673     2.96   0.003     .1155187    .5742551
                   3  |   .3956785   .1218275     3.25   0.001     .1561653    .6351917
                   4  |   .4126751   .1281817     3.22   0.001     .1606694    .6646807
                   5  |   .2766498   .1360551     2.03   0.043     .0091651    .5441346
                      |
         timesinceCEO |   .3440121   .1969212     1.75   0.081    -.0431357    .7311598
        timesinceCEO2 |  -.1361921   .0577277    -2.36   0.019    -.2496849   -.0226993
        timesinceCEO3 |    .011321   .0044129     2.57   0.011     .0026452    .0199967
           approveceo |   .2506746   .0588462     4.26   0.000     .1349828    .3663664
     iscurrentjobflag |    .071159   .0691895     1.03   0.304    -.0648678    .2071858
            reviewgap |   .0691111   .0351733     1.96   0.050    -.0000398     .138262
              firmage |          0  (omitted)
             firmage2 |   .0001709   .0002835     0.60   0.547    -.0003865    .0007283
               gender |  -.1811865   .1153995    -1.57   0.117    -.4080622    .0456893
                  age |   -.046099   .0525038    -0.88   0.380    -.1493217    .0571237
                 age2 |   .0004463   .0004554     0.98   0.328     -.000449    .0013417
               yrinco |   .0047067    .004292     1.10   0.273    -.0037313    .0131448
                      |
            education |
                   2  |   .0902315   .1482718     0.61   0.543    -.2012714    .3817344
                   3  |   .0081383   .1657608     0.05   0.961    -.3177479    .3340245
                   4  |   .5914999   .1821771     3.25   0.001     .2333392    .9496606
                      |
                nonUS |   .1023318   .1318908     0.78   0.438    -.1569659    .3616295
        highincome_sd |  -.1103754   .0755979    -1.46   0.145     -.259001    .0382503
          getahead_sd |   .0354792   .0608836     0.58   0.560    -.0842182    .1551765
     risktakinggps_sd |   .1220239   .0799539     1.53   0.128    -.0351658    .2792136
       patiencegps_sd |  -.2089607   .0866025    -2.41   0.016    -.3792215      -.0387
                _cons |  -.8614622   1.955594    -0.44   0.660    -4.706167    2.983243
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       266           0         266     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos | 331,091  398.000001    .1334494    3.65064          0        100

added scalar:
           e(mean_pos) =  .13344938

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg | 331,091  398.000001    .5126909   7.141876          0        100

added scalar:
           e(mean_neg) =  .5126909

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs | 331,091  398.000001    .6457217   8.009707          0        100

added scalar:
           e(mean_abs) =  .6457217

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "All"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |     331091        266
(e(nofirms) = 266 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)
note: firmage omitted because of collinearity

HDFE Linear regression                            Number of obs   =     24,763
Absorbing 2 HDFE groups                           F(  24,    165) =       2.57
Statistics robust to heteroskedasticity           Prob > F        =     0.0003
                                                  R-squared       =     0.0174
                                                  Adj R-squared   =     0.0112
                                                  Within R-sq.    =     0.0020
Number of clusters (ceoid)   =        166         Root MSE        =     9.1676

                                         (Std. err. adjusted for 166 clusters in ceoid)
---------------------------------------------------------------------------------------
                      |               Robust
  trustsentiment_mtoe | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------+----------------------------------------------------------------
timeperiod#c.trust_sd |
                   1  |   .6907506    .329537     2.10   0.038     .0400977    1.341403
                   2  |   .8692251   .3289596     2.64   0.009     .2197123    1.518738
                   3  |   1.145579   .4048031     2.83   0.005     .3463175    1.944841
                   4  |    1.30655    .493467     2.65   0.009     .3322258    2.280873
                   5  |   1.285568   .6195334     2.08   0.040     .0623332    2.508803
                      |
         timesinceCEO |   .0844365   .8472083     0.10   0.921     -1.58833    1.757203
        timesinceCEO2 |  -.1954957   .2760995    -0.71   0.480    -.7406391    .3496477
        timesinceCEO3 |   .0151437   .0227065     0.67   0.506    -.0296891    .0599766
           approveceo |   .1924315   .2073849     0.93   0.355    -.2170387    .6019016
     iscurrentjobflag |   .1348041   .2838814     0.47   0.636    -.4257043    .6953126
            reviewgap |   .1910058   .1513563     1.26   0.209    -.1078389    .4898506
              firmage |          0  (omitted)
             firmage2 |   .0009389    .001096     0.86   0.393     -.001225    .0031028
               gender |  -.6007895   .2531659    -2.37   0.019    -1.100652   -.1009272
                  age |  -.0326779   .2340313    -0.14   0.889      -.49476    .4294042
                 age2 |   .0007422   .0020952     0.35   0.724    -.0033946     .004879
               yrinco |  -.0173443   .0149263    -1.16   0.247    -.0468153    .0121268
                      |
            education |
                   2  |  -.8522041   .5821732    -1.46   0.145    -2.001673    .2972653
                   3  |   -.130885   .6105261    -0.21   0.831    -1.336336    1.074566
                   4  |    .788878   .6277542     1.26   0.211    -.4505885    2.028344
                      |
                nonUS |   -.332962   .5810589    -0.57   0.567    -1.480231    .8143072
        highincome_sd |  -.8133333    .305785    -2.66   0.009    -1.417089   -.2095774
          getahead_sd |  -.3106966   .2752186    -1.13   0.261    -.8541008    .2327077
     risktakinggps_sd |   .5452273   .2987021     1.83   0.070    -.0445437    1.134998
       patiencegps_sd |  -.5817963   .2431179    -2.39   0.018    -1.061819   -.1017731
                _cons |   3.458287   9.307638     0.37   0.711    -14.91914    21.83571
---------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       122           0         122     |
  reviewyear |        10           1           9     |
-----------------------------------------------------+

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_pos |  24,763  168.000001    .2156646   4.639053          0        100

added scalar:
           e(mean_pos) =  .21566459

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_neg |  24,763  168.000001    .6360647   7.950123          0        100

added scalar:
           e(mean_neg) =  .63606475

    Variable |     Obs      Weight        Mean   Std. dev.       Min        Max
-------------+-----------------------------------------------------------------
trusts~e_abs |  24,763  168.000001    .8517293   9.189717          0        100

added scalar:
           e(mean_abs) =  .85172934

added macro:
          e(direction) : "Top down"

added macro:
             e(sample) : "R\&D workers"

added macro:
           e(controls) : "X"

added macro:
         e(baselineFE) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      24763        122
(e(nofirms) = 122 added)

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                         \multicolumn{7}{c}{Employee review's trust sentiment}                                                          
                                                  (1)             (2)             (3)             (4)             (5)             (6)             (7)   
--------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's trust                                     0.251*          0.371**         0.343***        0.052           0.776**                                 
                                              (0.142)         (0.168)         (0.117)         (0.089)         (0.344)                                   
Trust $\times$ 1(Tenure as CEO <= 2)                                                                                            0.316***        0.691** 
                                                                                                                              (0.114)         (0.330)   
Trust $\times$ 1(Tenure as CEO in [3,4])                                                                                        0.345***        0.869***
                                                                                                                              (0.117)         (0.329)   
Trust $\times$ 1(Tenure as CEO in [5,6])                                                                                        0.396***        1.146***
                                                                                                                              (0.122)         (0.405)   
Trust $\times$ 1(Tenure as CEO in [7,9])                                                                                        0.413***        1.307***
                                                                                                                              (0.128)         (0.493)   
Trust $\times$ 1(Tenure as CEO >= 9)                                                                                            0.277**         1.286** 
                                                                                                                              (0.136)         (0.620)   
--------------------------------------------------------------------------------------------------------------------------------------------------------
Positive reviews                                0.194           0.194           0.133           0.029           0.216           0.133           0.216   
Negative reviews                                1.253           1.253           0.513           0.342           0.636           0.513           0.636   
Normalized effect size                          0.173           0.257           0.531           0.141           0.911                                   
Trust direction                                  Both            Both        Top down       Bottom up        Top down        Top down        Top down   
Sample                                            All             All             All             All    R\&D workers             All    R\&D workers   
Baseline controls                                   X               X               X               X               X               X               X   
Industry \& Review year FEs                         X                                                                                                   
Firm \& Review year FEs                                             X               X               X               X               X               X   
Observations                                  331,091         331,091         331,091         331,091          24,763         331,091          24,763   
Firms                                             266             266             266             266             122             266             122   
--------------------------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
